Indian artists have earned a place at the international high table where the idea of ‘making art’ has changed forever.

The circus really grew up between 2000 and 2009, as far as contemporary Indian art is concerned. The market, which had previously existed largely in the modes of dream, hope and aspiration, suddenly became a reality during this decade. While Indian art may not have aggregated a significant share in the global art market in these nine years, it has been identified as an area of potential growth. The activity of auction houses such as Sotheby’s, Christie’s, Saffronart and Osian’s has motivated galleries to acquire momentum and bear greater risks in their choice and positioning of artists.

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A quick guide to the art market labyrinth.

As an investment, art is growing in acceptance and prevalence. Historically, it has proven to perform better than other asset classes, especially in downturns. Studies by Barclays Capital and The Economist (in 2003 and 2005) showed that art outperformed both equities and property over both short and long periods of time.

But, like wine or stamps, art has always been considered an ‘alternative’ asset. It can be as volatile as the stock market, cannot be easily liquidated and is at its best as a long-term buy, as the last year has — painfully — shown. And, well, it’s art. It’s difficult to put numbers to it.

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Indian Express, June 18 2008

The mega-fair arrives armored with a new Modern wing, moderate expectations, and Kenny Scharf. Read more on the NY Art Beat website